Question

Suppose the demand and supply curves for pizza is given by: Qd =500 - 40P and...

Suppose the demand and supply curves for pizza is given by:
Qd =500 - 40P
and the market supply for pizza is given by:
Qs = 20P – 100
where P= price (per pizza).


In equilibrium, how many pizzas would be sold and at what price?
Determine the quantity demanded and quantity supplied if the pizza price is set at $8.00. Explain the market adjustment process.
Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a doubling of demand for pizza. Write the equation for the new market demand.
Find the new equilibrium price and quantity.

Please explain thoroughly as I'm having a really hard time understanding this, thank you so much in advance!! :)

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